Detroit’s Three Casinos Make $360M So Far In 2017 … But One Got The Lion’s Share

(WWJ) Does this mean the economy’s on the rebound? Revenue reports from the month of March have MGM Grand, MotorCity and Greektown making a combined $131 million — a 5 percent increase from the same time last year.

For the first quarter of the year, the casinos had a reported total revenue of $360 million.

MGM Grand had the lion’s share, followed by MotorCity and Greektown.

Overall in 2016, the three Detroit casinos’ revenue rose a slight 0.7 percent to $1.386 billion.

And it turns out Detroiters love their automated gambling machines more than games of chance: Slots contributed $1.13 billion, or 82 percent, of annual revenue, and table games brought in $256 million, or 18 percent.

Full-year revenue for MGM was up 1.7 percent to $592.1 million. MotorCity revenue rose 0.7 percent to $467.9 million. Greektown revenue, at $325.6 million, was 1.3 percent below 2015 totals.

For the year ending December 2016, the three Detroit casinos paid the state of Michigan $112.2 million in gaming taxes compared with $111.5 million in 2015, according to a state report.  The casinos also reported paying $175.5 million in wagering taxes and development agreement payments to the city of Detroit during 2016.

Full-year market shares in 2016 were:

  • MGM, 43 percent
  • MotorCity, 34 percent
  • Greektown, 23 percent

In the last month of the year, the casinos were facing a downward trend, with December 2016 revenue falling 6.8 percent below December 2015.

But they obviously rebounded in the new year.

 

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